October Market Update
𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 |Year over Year Change
Central Corridor
𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐒𝐚𝐥𝐞 𝐏𝐫𝐢𝐜𝐞 $608,269 |+5.3%
𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐏𝐫𝐢𝐜𝐞 𝐩𝐞𝐫/𝐒𝐪𝐟𝐭. $252 | +4.1%
𝐇𝐨𝐦𝐞𝐬 𝐒𝐨𝐥𝐝 157 | -14.2%
𝐀𝐯𝐞𝐫𝐚𝐠𝐞 % 𝐨𝐟 𝐋𝐢𝐬𝐭 𝐏𝐫𝐢𝐜𝐞 𝐏𝐚𝐢𝐝 99.5% | +0.2%
𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐃𝐚𝐲𝐬 𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 31 | -20.5%
𝐌𝐨𝐧𝐭𝐡𝐬 𝐒𝐮𝐩𝐩𝐥𝐲 𝐨𝐟 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 1.8 | -18.2%
𝐀𝐜𝐭𝐢𝐯𝐞 𝐋𝐢𝐬𝐭𝐢𝐧𝐠𝐬 330 | -27.6%
Instant Reaction: Mortgage Rates
'The Federal Reserve approved another jumbo rate hike, but mortgage rates still dropped below 7% last week. According to Freddie Mac, the 30-year fixed mortgage rate fell to 6.95% from 7.08% the previous week. Investors usually react based on their expectations and don't wait until the day the Fed makes its move. It is also promising that this was likely the last rate hike of this magnitude, as indicated by the Fed.
A return to the sky-high interest rates of the 1980s isn't likely in today's economy, but let's compare the monthly mortgage payment now with the payment of 40 years ago in today's money. In real terms, after adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now. If mortgage rates were currently 9%, the monthly mortgage payment would be comparable to 1982 rates. Thus, in real values, current buyers pay less for their home purchase than buyers who purchased their home 40 years ago, although home prices are significantly higher now."
- Nadia Evangelou, Senior Economist NAR
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